We would like to keep you updated regarding Prime Minister Justin Trudeau’s $82 billion economic response plan.
Here are a number of ways this package may affect you, your family and friends.
- Individual income tax return filing due date to June 1, 2020
- Trust income tax return filing due date to May 1, 2020 (for trusts with a tax year ending on December 31, 2020)
- Income tax payments deferred until September 1, 2020 with no interest or penalties during this period
- Minimum withdrawal amount will be reduced by 25% for 2020
- Please contact our office if you wish to discuss this option
- Payment deferral, loan re-amortization, capitalization of outstanding interest and other special arrangements for homeowner assistance
- Provided by Canada Mortgage and Housing Corporation (CMHC) and other mortgage insurers and accessed through your current lender
CANADA CHILD BENEFIT
- Eligible recipients will receive up to $300 more per child with their regular May CCB payment
- Effective March 30, 2020, all student loan borrowers will automatically have their repayments suspended until September 30, 2020
- No payment will be required, no interest will accrue during this time
GOODS AND SERVICES TAX CREDIT
- Maximum annual GST credit will be doubled for the 2019-20 benefit year
- One-time special payment to be made by early May 2020 for eligible recipients
EMERGENCY CARE BENEFIT
- For workers without paid sick leave who are sick, quarantined or forced to stay home to care for children or elderly relatives
- Up to $900 in bi-weekly payments for up to 15 weeks.
- Mandatory Employment Insurance (EI) one-week waiting period waived
- Medical certificate requirement waived to access EI sickness benefits
EMERGENCY SUPPORT BENEFIT
- CRA will provide support to workers who are not eligible for EI and who are facing unemployment
- This benefit can be accessed through CRA
CANADA EMERGENCY RESPONSE BENEFIT - proposed legislation
This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic. The CERB would be a simpler and more accessible combination of the previously announced Emergency Care Benefit and Emergency Support Benefit. The portal for accessing the CERB would be available in early April.
A WORD ABOUT CYBERSECURITY
Unfortunately, COVID-19 is a golden opportunity for cyber criminals trying to access your personal information. Be vigilant on-line, via e-mail or when you receive calls!
We are here to help you. Please contact our office if you have
questions or concerns.